Jonathan Sorrell, son of WPP advertising guru Sir Martin Sorrell, was today promoted to finance director of Man Group — the hedge fund giant that has come under increasing pressure from shareholders this year.
Sorrell, 34, only joined Man from investment bank Goldman Sachs last August.
He is taking over immediately from Kevin Hayes, who has been Man’s finance director for the past five years and is leaving the firm.
Chief executive Peter Clarke, who has been under fire from investors, said Sorrell would “bring a clear focus on costs and financial efficiency”.
Man shares have lost more than 40% of their value since the start of the year, and investors have been calling for a management shake-up or even a takeover of the group. Today the shares dropped out of the FTSE 100 into the FTSE 250.
The flagship AHL computerised trading fund has lost 2.4% of its value over the past 12 months and analysts have downgraded their profit forecasts for the year.
Sorrell spent 10 years at Goldman Sachs — most recently driving its investments in external hedge funds.
He will retain his role as Man’s head of strategy and corporate finance, and will not receive a pay rise for taking on the finance director role.
Hayes is expected to receive a one-year pay-off.
Last year his base salary was $625,000 (£400,000) but bonuses and share awards pushed up the total to $2.4 million.
